Brisa, 113 High Street, Lymington, SO41 9AP

Description
A mid-terrace property of three floors above basement level, of mainly brick construction with rendered and painted elevations under a pitched tiled roof. The unit occupies the basement, ground floor and upper floors, with an enclosed garden courtyard at the rear at the rear with 65+ covers. To the side is private off-street car parking.

Trade Accommodation

The property is accessible via the main entrance at the front and currently configured for restaurant use. The ground floor benefits from two main trading areas with customer seating of approximately 85 covers. There is additional seating at the bar servery located towards the middle of the ground floor. Ancillary areas include a good sized trade kitchen, preparation kitchen and wash-up, storage and office and both male
and female WC’s.

Living Accommodation

The upper floors are accessed via the side of the property and provide eight bedrooms (three of which are en-suite), small kitchen, lounge area and shower unit.

Location
The property is located in the coastal Georgian market town of Lymington which is positioned on the southern edge of the New Forest National Park. Lymington is 94 miles and 18 miles south west of London and Southampton respectively and 19 miles east of Bournemouth. The property is located at the bottom of the High Street a short distance from Gosport Street which runs north to the A337 and east to Lymington River crossing; to the south is Captain’s Row which connects the Town Quay, marinas and yacht clubs.
Lymington benefits from high levels of tourist activity being an attraction in its own right as visitors passing from the National Park local ferry services to the Isle of Wight. Lymington is one of the south’s most popular yachting centres supported by several marinas providing easy access to the Solent and other coastal attractions. The town has a resident population of approximately 15,832 (2021 census) with the New Forest District at 179,752 (ONS). The High Street comprises a mixture of independent and national retailers with business services and residential above. Operators in the lower section of the High Street and Quay Hill area include Hoxton Bakehouse, Cornish Bakery, Stanwell House Hotel, Solento Lounge. The town is bolstered by the weekly Saturday trade market. The area is administrated by New Forest District Council.

The Business
The property is operated as Brisa, a contemporary tapas restaurant and bar business under private ownership. To read more please click on Brisa’s website here.

Lease Premium
Our clients are seeking premium offers of £125,000 for the benefit of the lease, goodwill and F&F.

Fixtures & Fittings
All fixtures and fittings owned outright will be transferred on completion. All usable wet and dry stock is to be purchased on completion by separate valuation.

Services
We understand all mains services are connected.

Tenure
Leasehold. The property is held on the remainder of a 15 year Full Repairing and Insuring Lease from 2 July 2021 expiring on 1 July 2026 with a Break Date of 1 July 2031. The passing rent is £60,000 per annum exclusive (pax) with stepped increase to £67,500 pax from 2 July 2026 to 1 July 2031 (at which point there is an Open Market Rent review). Suitable security is required under the lease. Rent is paid quarterly in advance.

Planning & Conservation
Under the Town and Country Planning (Use Classes) Order 1987 (as amended) we understand the property benefits from Commercial Use Class E (restaurant). The property is a Grade II listed and located within the Lymington Conservation Area not in a Green Belt, AONB or National Park.

Licensing
The property benefits from a premises licence no 1193/20 which permits the sale of alcohol Monday to Sunday 11:00 - 01:30. Other activities are permitted (please refer access the NFDC Licensing Register here )

Rating
The subject property is on the 2023 Rating List with a Rateable Value of £42,750. These are not the rates payable. The rates multiplier for 2023/2024 is 51.1p/£ and 2024/2025 54.6p/£ (Note that the 2024-25 Retail, Hospitality and Leisure Business Rates Relief scheme will provide eligible, occupied, retail, hospitality, and leisure properties with a 75% relief, up to a cash cap limit of £110,000 per business).

VAT
We understand VAT will be applicable at the going rates.

EPC
Non-Domestic (E-117). Domestic (pending).

Money Laundering
Money Laundering Regulations require Savills to conduct checks upon all purchasers. Prospective purchasers will need to provide proof of identity and residence.

Viewing
Viewings can be arranged strictly by appointment with sole selling agents Savills. Please do not approach the business or staff directly, particularly if visiting discreetly as a customer